Ecobank Kenya reportedly loses billions.

😨 Ecobank Kenya reportedly loses KShs 5.6B to transaction manipulation & fraud

Between August to November 2022, Ecobank Kenya investigated procedural faults in its ledgers which may have led to the manipulation of transactions and possible fraud. According to a 2023 draft internal report seen by The Kenyan Wall Street, Ecobank Kenya’s card operations team did not upload critical transaction files as required, and there was no rigorous control over the chargeback process. This led to the erroneous inclusion of KSh 5.6 billion in the Merchant Acquiring General Ledger (GL) and KSh 162,346 in 347 entries were rejected by MasterCard but remained unsettled.  How did Ecobank Kenya lose KShs 5.6B? 

👀 CS Mbadi wants your opinion on reforms

The National Treasury is seeking public input on reforms to address debt, counties cash crisis and in general foster inclusive economic growth in the country, in one of the first major moves since the appointment of Cabinet Secretary John Mbadi. Part of the views CS John Mbadi led ministry is seeking from the public is to address cash crisis in counties in case the Division of Revenue Bill and County Allocation of Revenue Bill are not enacted on time (by 30^th June). What does the CS want your opinion on? 

😟 CAK has concerns over National Bank of Kenya acquisition

The Competition Authority of Kenya (CAK) has raised concerns about employment in the ongoing regulatory review of the acquisition of KCB Group’s National Bank of Kenya (NBK) by Nigerian lender Access Bank. In its submission to the regional competition regulator, CAK had expressed concerns that the horizontal merger would lead to the loss of employment opportunities. Learn more about the Access Bank acquisition. 

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